Ticker Shock: Yang Out From Yahoo; HP Shines
Tuesday's top stories and stocks with potential to move.
Asia took a hit as we slept. The Hang Seng was off more than 4%, while the Nikkei was down more than 2%. Earlier this morning, Europe was showing me some red as well. And here in the States we're off to a slightly higher open.
Here's what I'm seeing today…
Well it looks like Yahoo is on the prowl for a new chief exec.
According to the AP:
"Yang, who started working on Yahoo with Stanford University classmate David Filo in 1994, will revert to 'Chief Yahoo,' a titular role he filled before replacing former movie studio boss Terry Semel as CEO in June 2007. He will also remain on Yahoo's board of directors."
My take: I think that this will be viewed as a pretty big positive. I mean while there's little doubt that Yang is one smart cookie, he didn't sew up a deal with Microsoft (MSFT). And I think that's a biggie.
Will this personnel change enable a sit down with Mister Softee? Maybe. One never knows. And again, with Icahn in the mix, nothing would surprise me.
To read a previous take on Yahoo, click here.
Hewlett Packard (HPQ)
Hewlett Packard to the rescue!
This morning the company issued preliminary fourth quarter results. HP indicated that it expects adjusted earnings of $1.03 a share. That's three cents north of expectations. And for its next trick, HP indicated that its looking for 2009 earnings (excluding items) of $3.88 to $4.03 a share. That's north of the $3.86 a share that analysts had been expecting.
Long story short, I think the stock ends in the green today.
That said, I think that this news has the potential to cut both ways. In other words, it's set the bar high, but now it needs to hit those numbers. If it doesn't I think the shares get pummeled. Incidentally, I'm hoping HP brings some tech along for the ride today.
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